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When should I deduct art material expenses for project started in one year but delivered in the following year?
I make fine art quilts and donate them to charitable organizations (e.g. the ALS Foundation) who, in turn, give the quilts to the patients they serve. In the past week, I have purchased materials for a quilt that I just started. It will not be donated until early 2025. When do I take the materials deduction? The materials receipt says 2024 but the donation will be in 2025.
‎December 27, 2024
7:56 AM